New Delhi: Petrol price was today cut by Rs 0.50 per litre but there will be no change in rates of diesel.

Petrol will cost Rs 60.70 per litre in Delhi from midnight tonight as against Rs 61.20 currently, Indian Oil Corp, the nation's largest fuel retailer, said.

This is first change in petrol price since September 1 when it was cut by Rs 2 per litre to Rs 61.20 in Delhi.

Subsequent fortnight did not see any rate change in petrol.

Diesel rates though not changed today, had been hiked twice since then, by 95 paise on October 16 and by 50 paise on October 1.

"The current level of international product prices and Rupee-US Dollar exchange rate warrant a price decrease, which is being passed on to consumers with this price revision," IOC said in a statement.

Diesel prices on September 1 were reduced by 50 paise a litre.

There was no revision in the subsequent fortnight on September 16 even as a 98 paise per litre hike in petrol and Rs 2.28 a litre increase in diesel rates necessitated due tofirming global oil rates.

State-owned fuel retailers -- IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) -- revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the IOC statement added.